Breaking new grounds in the formal finance sector through innovative and dynamic use of technology, Rubique Technologies PVT LTD, India’s largest online financial matchmaking platform has raised an undisclosed amount funding led by Japan’s Recruit Group and Russian venture capital management company, Emery Capital. The funding round saw participation from Blacksoil & existing investor Kalaari Capital. The funds from this round will enable Rubique to further strengthen its technological and analytics capabilities. The company also aims to expand its credit product offerings to deepen its reach to small enterprises and reach out to underserved micro enterprises.

Established in the year 2014, Rubique has demonstrated how frugal innovation, propelled by disruptive technologies in the traditional lending space, can simplify complex financial procedures to fulfil every financial aspiration in the simplest, shortest and speediest way possible. Since its inception the company has already facilitated loan disbursement worth approximately Rs. 2,670 crores and over 82,000 credit card setups through its platform.

The involvement of Recruit Group and Emery Capital, both having an international expertise in facilitating adoption of newer technologies across sectors and geographies, as well as its existing investors, underlines the trust that Rubique has generated in the global market.

Speaking on the announcement, Manav Jeet, MD & CEO, Rubique said, “The success of the latest funding round is a strong indication of the trust our investors have in our vision, our technology-thinking of financial services as well as in our strong focus on robust unit economics model. We have managed to successfully stand out in the fintech space as an innovator par excellence and one of the genuine success stories of the domain through our unique asset light business model. With the domain expertise our investors bring on-board, we look forward to leveraging their insights as we build a leading platform for digital lending in India. We would also like to thank our existing investors for continuing to support us in our growth journey.”

Rubique has recently closed 200K customers and have generated revenue of around $7.2 Mn (INR 47 Cr), clocking a revenue of around 3.5 Cr month on month. With a consistent growth, Rubique has been unit economics positive at the transactional level and will be aiming to breakeven in 2019 & going for Rs. 100 crores revenue by 2021.

Speaking on the fund raise, Ivan Savelyev from Emery Capital said, “Rubique’s unique business model and technology thinking has an impressive ability to hit the ground running to build a financially strong nation with easy access to credit to all sectors of the society – Businesses and Millennials. We believe that the deployment of technology to develop scalable and accessible financial services platforms, incorporating big data analytics and machine learning, will be critical to any lending business serving the underbanked and underserved customers in India. We are committed to supporting Rubique on its journey to become a leading fintech player in India and also help and share our experience with similar models in other continents & explore synergies to work with them.”

With the world constantly innovating, the advanced technologies such as Blockchain, Big Data and AI used by Rubique analyses multiple data points to assess the creditworthiness of the customers and provide them the offers they are eligible for, thereby removing the manual efforts in the loan processing system. The company has recently built a data science team which leverages its rich customer data and bank credit policies to build a proprietary AI based Matchmaking and ranking algorithm that provides a customized list to each consumer based on his/her needs and profile. This offers manifold advantages in terms of higher approval rates, better customer satisfaction and improved sourcing to its financial partners.

Eying the future growth of the company, Rubique envisions becoming the largest online financial matchmaking platform in India and aiming for entire ecosystem growth including customers, financial institutions & influencers. With focus on maintaining its model asset-light, Rubique is planning to invest in Data science & leverage insights generated to build stronger business propositions.

“Apart from this round we are also in the final stages of closing another tranche’ of funding, to be led by couple of marquee investors. We are excited about our next phase of growth and will continue to develop superior technology products for the ecosystem players thereby aiming to bring a symbiotic relationship between banks and technology, bridge India’s credit gap.” Jeet further added.